Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,110,000 and sales for the year total $12,590,000. The allowance account before adjustment has a debit balance of $15,000.
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New Mexico, Inc., sold common stock for $560,000 and preferred stock for $56,000 during the current year. In addition, the company purchased treasury stock for $47,000 and paid dividends on common and preferred stock for $24,000.
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